It is also difficult to predict the different ways Bitcoin is changing the lives of users around the world, making it difficult to quantify the multiple dimensions that communities have been affected since the project began. However, there is one particular point that Mike points out. “It’s interesting to highlight how Bitcoin has changed its time preferences, especially the time preferences of Elzonte young people.”
Time preference is a subjective value in which an individual discounts future value. It is always desirable to have something in the present rather than having to wait for something to come, as future promises are unlikely to happen. One of the negative effects of bills printed by the government is that no restrictions on issuance creates greater uncertainty due to permanent rises in prices. This tends to increase people’s time preferences. This is because it makes more sense to spend the present rather than save for a future where the money is much less. On the contrary, Bitcoin is a rare asset, and has been proven to be highly valued over time by cyclically reducing the limits of up to 21 million. Over time, small savings today can generate great future profits and increase the tendency to save and plan for the future. This simple fact has deep meaning at the social level as it is reflected in greater investment in education, deeper relationships, or greater care for the environment. “I’m seeing young people thinking about their future for the first time. This wasn’t something we planned. It happened to my surprise. We started saving them. Kids who didn’t have more than five dollars in life now have hundreds of dollars in bitcoin. People who know that important processes take time to mature.
Mabel also witnessed the change first hand. “I grew up here. I was in Elzonte and like most of us who live here, I never had access to a bank in El Salvador.” I have no credit cards or bank accounts. Before Bitcoin, cash was our only form of payment. You always find an excuse to spend cash, so it was extremely difficult to be able to save. Today has changed, and thanks to Bitcoin, I am more conscious of saving for the future. ”
“Brayan, on the other hand, claims that one of the unemployment rates is lacking from the equation of opportunity we are trying to rebuild. Unemployment.” Bitcoin has not only changed me, but we can see its positive impact across the community. “The desire to move was deeply rooted in Salvadoran society. There have been many instances of people involved in illegal activities because of the lack of opportunity, and now, thanks to Bitcoin, they have all decided to get their lives back on track. Along the same line, Mike emphasizes that there is less currency to appreciate over time, and that it has helped young people get incentives and return to investing in their future and training. For the first time, we see many young people thinking about going to high school and potentially going to college. But most importantly, they want to invest more in their community now. They stopped looking at Elzonte simply as a place where they had no chance to go to the US. For the first time, we are witnessing how they began to see their land as a place they wanted to build a future for themselves and their families. ”
Living in exile is like chronic pain, which appears and disappears, but the suffering is always there. Returning home is a possibility, especially when people are left in the first place, when major changes occur in the place of origin. “Of course, it happened in a small group at first,” Mike continues. “But when people from abroad began coming to Elzonte, where they wanted to be part of what’s going on here, it enhanced a sense of local pride and cherished people as a special place.” Few people today want to emigrate to the United States. The entire community began to think about how to build a life in Elzonte. This strengthened our kinship and created a community safety net at the local level. When you think about the long term, the bond between humans and community becomes fundamental,” Mike notes, putting his hands on his mind.
The adoption of Bitcoin has created multiple impacts on Bitcoin Beach. Some of them are intangible, but they are mobilized, particularly with a sense of belonging. “We weren’t a hope of being connected, part of something bigger. We were not isolated cities in a poor country in Latin America for the first time. We had connections with global, vibrant, innovative and innovative communities. Before that, the general sentiment was only opportunities for North American or Europeans. When the people of Elzonte began to participate in this global financial system, they realized that all those opportunities were open to them as well. “Now they can work remotely and they can become programmers without leaving their families and communities in El Salvador to participate in the world economy. It has created a lot of pride and purpose, especially for young people,” emphasizes Mike.
Daily life at Hope House is lively and Jorge’s interview is interrupted by René, one of the youths involved in the center’s activities. It was a great opportunity to share in his own words what Hope House meant to him. “It’s a unique place dedicated to supporting children as better people. We support each other as we build a life together in our community.”
Learning the story of Hope House and Bitcoin Beach is so exciting and exciting that this social project has brought the concept of Bitcoin circular economy to viral, encouraging other entrepreneurs to replicate this human development model in other parts of the world. Passionate people are dedicated to helping others and bringing hope and opportunity to their communities. For example, the founder of Bitcoin Beach did not stop him from dreaming. Undoubtedly, Bitcoin and its technology have led to the economic and social development of Elzonte. However, they had no idea what impact would unfold in other parts of the country. Without trying to be humble and understated, they became important players in El Salvador’s transformation into a prosperous and innovative country.
Learn more at Bitcoin Circular Economy
This excerpt is just the beginning. It delves deeper into how Bitcoin converts communities around the world in the Bitcoin circular economy. The e-book is currently available, and paperbacks are open for pre-orders for a limited time at $21.
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Source: https://bitcoinmagazine.com/bitcoin-books/an-excerpt-from-bitcoin-circular-economies-the-impact
